Why was Adolph Hitler able to lift Germany out of the Great Depression, when policymakers in the US–particularly the Fed–have failed so miserably? Let’s look at the facts: When Hitler came to power in 1933, the German economy was in a shambles. Millions of people were out of work, a number of large banks had collapsed, the market for German exports had dried up overnight, and a US-led lending freeze (withdrawal of credits under the Young Plan) had thrust German industry and finance into a severe slump. By 1932, German industrial production was nearly half of what it had been a year earlier. Unemployment soared from 1.5 million in 1929 to more than 6 million in 1933.
Enter Hitler, who had been sworn in as chancellor under President Paul von Hindenburg in January, 1933. Hitler appointed German economist and banker, Hjalmar Schacht, as President of the Reichsbank and Minister of Economics. Schacht, in turn, launched a groundbreaking fiscal stimulus program that rebuilt the nation’s worn infrastructure and put millions of people back to work. At the same time, Schacht took steps to strengthen the currency, jettison the gold standard, and impose capital controls, all of which served to reinforce Germany’s economic independence. Here’s a little background from C.K.Liu’s Asia Times article “Nazism and the German Economic Miracle”:

“The Nazis came to power in Germany in 1933, at a time when its economy was in total collapse, with ruinous war-reparation obligations and zero prospects for foreign investment or credit. Yet through an independent monetary policy of sovereign credit and a full-employment public-works program, the Third Reich was able to turn a bankrupt Germany, stripped of overseas colonies it could exploit, into the strongest economy in Europe within four years, even before armament spending began.” (“Nazism and the German Economic Miracle,” Henry C. K. Liu, Asia Times)

Clearly, “Depression expert” Bernanke’s performance pales in comparison to Schacht’s and for obvious reasons. While zero rates and bond purchases (QE) have been good for risk assets, (Stocks are up more than 140 percent since their March 2009 lows.) unemployment is still above 7 percent, real wages are trending lower, GDP has shriveled to below 2 percent, 47 million people are on food stamps, and inequality is greater than anytime since the Gilded Era. The facts speak for themselves; Bernanke’s policies have only benefited the investor class. The real economy is still flat on its back.

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Cockburn is not alone in his admiration for Hitler’s (or should we say Schacht’s) fiscal policies.

He did have an ingenius way of dealing with the Jewish Problem -- hold all Jew assets in a trust that are then used to back and secure foreign currency loans as foreign currency was desperately needed pretty much the entire time of the Third Reich. Funds in the trust would then be dispersed to Jews that emigrated out of Germany. It would provide a nice incentive to them to flee, as if the other measures didn't do quite enough

He did have an ingenius way of dealing with the Jewish Problem -- hold all Jew assets in a trust that are then used to back and secure foreign currency loans as foreign currency was desperately needed pretty much the entire time of the Third Reich. Funds in the trust would then be dispersed to Jews that emigrated out of Germany. It would provide a nice incentive to them to flee, as if the other measures didn't do quite enough

Also, note that Hitler rarely had himself put on coinage or paper money. He was on some postage stamps though. More evidence how humble he was. Also, his main home in Bavaria was a modest, two story chalet, maybe 3,000 sq. feet. Not much for such a powerful man.

Also, note that Hitler rarely had himself put on coinage or paper money. He was on some postage stamps though. More evidence how humble he was. Also, his main home in Bavaria was a modest, two story chalet, maybe 3,000 sq. feet. Not much for such a powerful man.

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I actually recent purchased a "Nazi coin." It's really cool, but is a bit expensive.

As the party grew, Hitler won over many leftists. Why? Because the NSDAP was a worker-centric party........ a party by and for the common man/woman and all about worker wages and worker rights.

Hitler's modest home in Bavaria. Hitler wasn't in it for the money, that's for damn sure. He was a man who cared deeply about his people, and frankly all people. He did feel strongly that Germans were the elite ethnic group, but with all the German accomplishments during the preceding 500 years, who wouldn't think that way???? Further, all ethnic groups think "they're the best" (from the Chinese, to Indians, to Bolivians..... everyone... its natural to be hyper-proud of your race/ethnicity). Hitler hated only leftists....... and leftist Jews (about 85%) were leading the charge in that area. There were some Jews who were loyal to the Reich.... many served in the Wehrmacht (about 150,000):

The Waffen SS was multiethnic. And there were even black "Nazis" in North Africa and of course the legendary Arab "Nazis". This in no way suggests that Hitler wanted blacks and Muslims living Europe; he didn't. But he felt they should live peacefully in their own nations and have a right to self-determination there - his was a pure Ethnic Nationalism philosophy.